Inox Green Energy Services Enters Solar Space with 675 MWp O&M Agreement, Significant Push into Renewables

Inox Green Energy Services Ltd (IGESL), the prime player in the renewable energy industry of India, has made its official foray into the solar space by signing a historic deal for the operation and maintenance (O&M) of 675 MWp solar projects. This strategic step not only broadens the portfolio of Inox Green beyond wind but also makes it a one-stop service provider in India's fast-changing clean energy scenario.

 

Key Highlights

 

Foray into Solar O&M Segment:

Inox Green's deal to operate 675 MWp of solar projects is its maiden foray into the solar O&M business, capitalizing on its experience gained in the wind segment to access the solar boom.

 

Part of Group's Integrated Renewable Push:

The transaction is a building block in the wider INOXGFL Group vision, which is fast growing its renewable footprint. The group is spending ₹1,500 crore to set up 5 GW of solar module and 2.5 GW of solar cell manufacturing capacity within 2026, with the first 1.2 GW module plant at Gujarat scheduled to come on-stream by March 2025.

 

Holistic Solutions Along Value Chain:

Inox Green will offer post-commissioning O&M solar project services to complement the group's turnkey engineering, procurement, and construction (EPC) offerings and manufacturing strengths. Such integration provides convenient project execution and lifecycle management for clients.

 

Hybrid Renewable Offerings

The INOXGFL Group's foray into solar allows it to provide hybrid renewable solutions, integrating wind and solar energy for industrial and commercial clients. With more than 5 GW of plug-and-play power evacuation infrastructure already installed, the group is poised to cater to India's increasing demand for hybrid and green energy.

 

Strategic Vision and Market Impact

Executive Director Devansh Jain emphasized that this step "marks a new chapter in INOXGFL Group's journey, advancing India's renewable energy aspirations" and will create new standards for excellence in the industry. The group's holistic approach-from manufacturing to project execution and O&M-places it as a one-stop solution provider in the energy transition space.

 

Industry Context:

The expansion is as India ramps up its drive towards renewable energy, with new government guidelines mandating more localization of solar manufacturing and shifting towards hybrid power solutions. Inox's good base in wind energy and now solar O&M provides it a competitive advantage as the sector consolidates and increases scale.

 

"By aiming for 5 GW of solar module and 2.5 GW solar cell capacity by 2026, we are looking to propel energy independence and empower our stakeholders," stated Devansh Jain, Executive Director, INOXGFL Group.

 

Through this deal, Inox Green Energy Services solidifies its position as a leading player in India's renewable energy revolution, providing end-to-end solutions in wind and solar power.

 

Source: TradingView/Reuters, Mercom India, Business Standard, SolarQuarter, Business Standard (Capital Market News